A first home purchase for the Pachecos

By Melissa Chang

Published: 2013.02.06 08:00 AM

After months of following Sarah and Fernando Pacheco in their first home-buying adventure, I’m pleased to report they are now in escrow. A few weeks ago, they decided to expand their search radius and headed West—to West Oahu. They found a townhome in Waikele that they liked in their price range, and put in an offer.

“We're really excited about having that garden/mini yard area. I get to own soil!” Fernando says.

“We're not exactly popping champagne bottles just yet,” he cautions. “We are fully aware that anything can happen in escrow. This is a lender sale, so we are working with Fannie Mae. My realtor says they are very strict with hitting all the deadlines in the closing timeline.”

The closing date is March 4, which may get a little tight—especially since they aren’t sure how quickly they can get the property appraisal done. A request for extension was denied, but their lender says it may be granted if they end up about a week out from the closing date without the appraisal. The down side to that, however, is there is an extension fee when it’s done that close to closing.

“My lender has been very proactive in taking care of financial inquiries up front, before any official questions are asked. When in escrow, I guess they want all your deposits to be uniform. But because the hours I put into KPOI every week fluctuate, I had to almost print out every check work check I deposited over the last year to show proof of where the money came from. Any deposits thatwere a result of gifting or anything else outside of a regular deposit had to be explained and proven, too,” he explains. “My bank and human resources department has been very helpful in this process. I just had no idea my financial life would be scrutinized to this level. It's a little unsettling. I just want my keys!

“I believe next up is the termite inspection. The property is an ‘as is’ sale, so we have to pay for all inspections,” says Fernando. “Wish us luck!”

Good luck to the Pachecos. If you have any tips for them, leave them here!

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About Our Writer

Rachel Ross is a Realtor at Berkshire Hathaway HomeServices Hawai‘i Realty. Raised in Hawai‘i Kai, she previously worked in public relations and marketing where she assisted some of O‘ahu’s biggest community developers, educators and businesses. She loves connecting people and says that real estate is a form of matchmaking. She is mom to three teenagers and an avid runner, and notes that the hour each day of pavement-pounding is the only teen-angst-free peace and quiet she gets all day. rachelr@bhhshawaii.com